WHAT EACH GENERATION LOOKS FOR WHEN BUYING OR SELLING A HOME

Are there any generational differences when it comes to buying or selling a property?

The housing landscape has changed dramatically in recent generations, from the modest, affordable homes of the 1950s to the imposing mansions of the 1990s. Easy access to mortgages made buying a home in the 1990s not only popular, but practically a social imperative. When it comes to buying and selling property, each generation has its own different style. How they look for a house, what they are looking for and how they pay for it depends on the generation. Today, it is not only the preferences within the real estate market that have changed, but also the mentality surrounding home ownership. That's not to say that all members of a generation are the same or that every transaction unfolds in a predictable way, depending on the age of those involved. But there are certain trends and shared experiences that distinguish one generation from the next when it comes to the home. Here are some of the generational differences: BABY BOOMERS 1946-1964 (56-74 years old) With longer life expectancy and low birth rates, the needs and living standards of this generation are changing rapidly. - They usually already own property and are looking for an upgrade, such as living in a different neighbourhood or owning a larger property. Because they generally have adult children and grandchildren, many want to accommodate their families more comfortably. - A large part of this generation also wants to live away from noisy areas and are looking for a property that provides peace and comfort. - According to the United Nations, the percentage of people over 60 in the world's population will rise from 16.5% in 2030 to 21.5% in 2050. GENERATION X 1965-1979 (41-55 years) - Generation X spends 3 times more on the home than baby boomers. This is the first generation that really cares and looks at the home as a way to express themselves. - They value security and stability. - The needs of this generation are changing the way homes are designed, with less formal space, additional rooms and flexible design to grow with the family. - Multigenerational households: members of this generation are starting families later in life and caring for their parents at the same time. With three generations increasingly sharing a home, Generation X demands a new type of family home. GENERATION Y – MILLENNIALS 1979 – 1994 (25 – 40 years old) · They have a constant desire to seek new experiences. They are eager for change, movement, freedom, innovation, informality... In both their personal and professional lives, they are considered more flexible than their predecessors. - They prefer to spend their money on travel and dining out rather than on material things. - Fatherhood and motherhood have been postponed. Millennials prefer pets to a child. One of the things they consider when looking for a flat or house is an area that can accommodate their pets. - With rising housing prices in major cities around the world, young urbanites have come to regard buying a home as a more distant dream. For this reason, they are known as the renting generation - buying a home is almost a pipedream. - They like shared spaces for convenience and community. - Another characteristic of Millennials is that they are minimalists, a real contrast to Boomers. As Millennials' lives are often volatile, they end up opting for a more minimalist aesthetic, opting for pieces that are functional or have sentimental value. - The option to work from home is paramount for them. As the home office becomes more widely adopted and especially nowadays, they are seen taking shape in any corner of the house, even the kitchen. - Like pets, plants are also becoming substitutes for children. They are easy to care for, inexpensive and provide a sense of ownership and purpose. - They treat kitchens as the core of entertaining: 28% of millennials prefer to drink at home and 56% love to host parties and get-togethers. For this reason, they look for kitchens that can act as the central hub of the home, particularly in an open plan; this way, food and drinks can be easily shared without a formal dining room. Just like last year, this year's 2020 report shows the segmentation of the Millennial generation, who still represent the largest share of homebuyers at 38% (older Millennials at 25% and younger Millennials at 13%). Buyers aged 40 to 55 (Gen X) made up 23% of all recent home buyers. Buyers aged 56 to 74 (Baby Boomers) accounted for 33% of recent homebuyers. Buyers aged 74 to 94 (The Silent Generation) represent the smallest proportion of buyers at 6%. All generations of buyers continue to use an agent as their primary resource to help them buy and sell their homes. At Coldwell Banker Spain we are here to advise you in the best possible way thanks to our team of professionals, visit coldwellbanker.es and find out more! Your trusted Coldwell Banker agent will be available for whatever you need.